Zona de Azar Curaçao – Curaçao Approves New Gambling Legislation (LOK) to Boost Economy

Curaçao.- December 19th 2024 www.zonadeazar.com Curaçao, a pioneer in regulating online gambling since the 1990s, made history when its Parliament approved the National Ordinance for Games of Chance (LOK) with 13 votes in favor and 6 against. This new legislation revamps the existing regulatory framework, addressing concerns about safety and oversight of online gambling.

Finance Minister Javier Silvania celebrated the approval, calling it a turning point for Curaçao’s economy and a step toward eradicating poverty. The LOK introduces two main license types: B2B for service providers and B2C for operators engaging directly with players. It also mandates that operators establish a physical office in Curaçao, reinforcing local governance.

The LOK includes provisions to allocate gaming revenue: 5% for pensions, 3% for sports, and 2% for education. The approval process faced challenges, including misinformation and criticism from various stakeholders, such as the Advisory Board, Bar Association, and certain Members of Parliament. Minister Silvania responded to allegations by Luigi Faneyte, accusing him of spreading unfounded claims that could harm Curaçao’s international reputation.

Edited by: @MaiaDigital www.zonadeazar.com